Adelante Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Adelante Capital Management LLC reported 42 stock positions worth $1.5 billion. Its top holding was Welltower (WELL) at 12.6% of the portfolio, followed by Prologis (PLD, 11.4%) and Equinix (EQIX, 6.6%). Compared with Q3 2025, it opened 4 new positions, sold out of 5, added to 19 and reduced 19. The biggest buy was Prologis (PLD, shares +5%) and the biggest sale an exit from Healthpeak Properties (DOC).
- Most Recent 13F
- Q2 2026
- Location
- ALAMEDA, CA
- CIK
- 0001067926
- Portfolio Value
- $1.5B (Q4 2025)
- SEC Filing
- 0001067926-26-000003 ↗ filed Feb 18, 2026
Holdings Value
Holdings 42 stocks · $1.5B
| WELL Welltower Inc. | 12.58% | 1,005,930 | $186.7M | Add +2.7% |
| PLD Prologis Inc. | 11.44% | 1,330,380 | $169.8M | Add +4.6% |
| EQIX Equinix Inc. | 6.60% | 127,773 | $97.9M | Add +2.0% |
| SPG Simon Property Group Inc. | 6.03% | 483,043 | $89.4M | Add +7.5% |
| DLR Digital Realty Trust Inc. | 4.97% | 476,430 | $73.7M | Add +2.9% |
| O Realty Income Corp. | 4.60% | 1,210,086 | $68.2M | Add +6.6% |
| PSA Public Storage | 4.22% | 241,215 | $62.6M | Add +2.6% |
| AVB Avalonbay Communities Inc. | 3.88% | 317,906 | $57.6M | Reduce -6.6% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 3.63% | 855,472 | $53.9M | Reduce -2.6% |
| VTR Ventas Inc. | 3.63% | 695,237 | $53.8M | Add +5.0% |
| BKD Brookdale Senior Living Inc. | 3.40% | 1,088,545 | $50.5M | Add +7.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.82% | 1,490,427 | $41.9M | Reduce -2.0% |
| AMH American Homes 4 Rent- A | 2.81% | 1,300,347 | $41.7M | Add +42.6% |
| KIM Kimco Realty Corp. | 2.70% | 1,979,607 | $40.1M | Reduce -1.1% |
| ELS Equity Lifestyle Properties | 2.37% | 579,880 | $35.1M | Reduce -8.5% |
| BRX Brixmor Property Group Inc. | 2.22% | 1,256,794 | $33.0M | Add +12.8% |
| ADC Agree Realty Corp. | 2.13% | 438,415 | $31.6M | Reduce -0.7% |
| EXR Extra Space Storage Inc. | 1.94% | 221,431 | $28.8M | Reduce -7.1% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 1.90% | 339,227 | $28.1M | Reduce -12.2% |
| VNO Vornado Realty Trust | 1.45% | 647,857 | $21.6M | Add +74.7% |
| ARE Alexandria Real Estate Equit | 1.31% | 397,289 | $19.4M | Add +448.7% |
| HLT Hilton Worldwide Holdings Inc. | 1.31% | 67,494 | $19.4M | New |
| CBRE CBRE Group Inc. Class A | 1.18% | 109,094 | $17.5M | Add +312.2% |
| RHP Ryman Hospitality Properties | 1.18% | 184,398 | $17.4M | Add +7.5% |
| MAA Mid-America Apartment Comm | 1.08% | 115,761 | $16.1M | Reduce -1.7% |
| CTRE Caretrust REIT Inc. | 0.95% | 391,935 | $14.2M | Add +15.2% |
| EGP Eastgroup Properties Inc. | 0.82% | 67,903 | $12.1M | Reduce -10.4% |
| VRE Veris Residential Inc. | 0.74% | 737,176 | $11.0M | Reduce -2.0% |
| AMT American Tower Corp. | 0.67% | 56,840 | $10.0M | Reduce -1.3% |
| FR First Industrial Realty TR | 0.65% | 474,066 | $9.6M | Add +19.2% |
| IVT Inventrust Properties Corp. | 0.63% | 329,783 | $9.3M | Reduce -1.6% |
| COLD Americold Realty Trust Inc. | 0.58% | 670,301 | $8.6M | Add +16.6% |
| EPRT Essential Properties Realty | 0.55% | 411,313 | $8.1M | Reduce -18.9% |
| CUZ Cousins Properties Inc. | 0.50% | 285,108 | $7.3M | Reduce -1.4% |
| MRP Millrose Properties | 0.44% | 220,567 | $6.6M | New |
| LAMR Lamar Advertising Co. Class A | 0.41% | 48,651 | $6.2M | Add +1.7% |
| KRC Kilroy Realty Corp. | 0.34% | 136,904 | $5.1M | Reduce -58.3% |
| BXP BXP Inc. | 0.34% | 75,363 | $5.1M | Reduce -73.6% |
| CSR Centerspace | 0.32% | 72,059 | $4.8M | New |
| SLG SL Green Realty Corp. | 0.30% | 96,825 | $4.4M | New |
| CCI Crown Castle Inc. | 0.25% | 40,940 | $3.6M | Reduce -3.6% |
| PCH Potlatchdeltic Corp. | 0.13% | 45,393 | $1.9M | Reduce -14.9% |
Portfolio Sells Q3 2025 → Q4 2025
| DOC Healthpeak Properties Inc. | Sold out | 0.00% | −1.77 |
| HST Host Hotels & Resorts Inc. | Sold out | 0.00% | −1.53 |
| BXP BXP Inc. | Reduce -73.6% | 0.34% | −1.08 |
| TRNO Terreno Realty Corp. | Sold out | 0.00% | −1.07 |
| INVH Invitation Homes Inc. | Sold out | 0.00% | −0.94 |
| IRM Iron Mountain Inc. | Reduce -12.2% | 1.90% | −0.74 |
| KRC Kilroy Realty Corp. | Reduce -58.3% | 0.34% | −0.58 |
| AVB Avalonbay Communities Inc. | Reduce -6.6% | 3.88% | −0.51 |
| VICI Vici Properties Inc. | Reduce -2.0% | 2.82% | −0.49 |
| EPRT Essential Properties Realty | Reduce -18.9% | 0.55% | −0.46 |
| KIM Kimco Realty Corp. | Reduce -1.1% | 2.70% | −0.22 |
| ELS Equity Lifestyle Properties | Reduce -8.5% | 2.37% | −0.20 |
| VMRK Vivmark Residential | Reduce -2.6% | 3.63% | −0.17 |
| AMT American Tower Corp. | Reduce -1.3% | 0.67% | −0.07 |
| CUZ Cousins Properties Inc. | Reduce -1.4% | 0.50% | −0.06 |
| EGP Eastgroup Properties Inc. | Reduce -10.4% | 0.82% | −0.04 |
| CCI Crown Castle Inc. | Reduce -3.6% | 0.25% | −0.03 |
| VRE Veris Residential Inc. | Reduce -2.0% | 0.74% | −0.03 |
| OHI Omega Healthcare Investors | Sold out | 0.00% | −0.02 |
| MAA Mid-America Apartment Comm | Reduce -1.7% | 1.08% | −0.02 |
| PCH Potlatchdeltic Corp. | Reduce -14.9% | 0.13% | −0.02 |
| IVT Inventrust Properties Corp. | Reduce -1.6% | 0.63% | −0.01 |
| ADC Agree Realty Corp. | Reduce -0.7% | 2.13% | +0.03 |
| EXR Extra Space Storage Inc. | Reduce -7.1% | 1.94% | +1.63 |
Portfolio Buys Q3 2025 → Q4 2025
| PLD Prologis Inc. | Add +4.6% | 11.44% | +1.70 |
| HLT Hilton Worldwide Holdings Inc. | New | 1.31% | +1.31 |
| WELL Welltower Inc. | Add +2.7% | 12.58% | +0.92 |
| ARE Alexandria Real Estate Equit | Add +448.7% | 1.31% | +0.91 |
| CBRE CBRE Group Inc. Class A | Add +312.2% | 1.18% | +0.90 |
| AMH American Homes 4 Rent- A | Add +42.6% | 2.81% | +0.79 |
| VTR Ventas Inc. | Add +5.0% | 3.63% | +0.53 |
| VNO Vornado Realty Trust | Add +74.7% | 1.45% | +0.45 |
| MRP Millrose Properties | New | 0.44% | +0.44 |
| SPG Simon Property Group Inc. | Add +7.5% | 6.03% | +0.39 |
| CSR Centerspace | New | 0.32% | +0.32 |
| SLG SL Green Realty Corp. | New | 0.30% | +0.30 |
| BKD Brookdale Senior Living Inc. | Add +7.4% | 3.40% | +0.26 |
| CTRE Caretrust REIT Inc. | Add +15.2% | 0.95% | +0.17 |
| BRX Brixmor Property Group Inc. | Add +12.8% | 2.22% | +0.16 |
| RHP Ryman Hospitality Properties | Add +7.5% | 1.18% | +0.15 |
| COLD Americold Realty Trust Inc. | Add +16.6% | 0.58% | +0.11 |
| EQIX Equinix Inc. | Add +2.0% | 6.60% | +0.04 |
| LAMR Lamar Advertising Co. Class A | Add +1.7% | 0.41% | +0.02 |
| O Realty Income Corp. | Add +6.6% | 4.60% | −0.02 |
| PSA Public Storage | Add +2.6% | 4.22% | −0.32 |
| DLR Digital Realty Trust Inc. | Add +2.9% | 4.97% | −0.39 |
| FR First Industrial Realty TR | Add +19.2% | 0.65% | −0.72 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 42 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q1 2026 | 42 | $1.5B | WELL, PLD, EQIX, DLR, SPG |
| Q4 2025 | 42 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q3 2025 | 43 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q2 2025 | 42 | $1.4B | WELL, EQIX, PSA, DLR, AVB |
| Q1 2025 | 41 | $1.3B | WELL, PLD, EQIX, AVB, VMRK |
| Q4 2024 | 45 | $1.5B | PLD, WELL, EQIX, SPG, DLR |
| Q3 2024Amended | 42 | $1.5B | PLD, WELL, EQIX, PSA, AVB |
| Q2 2024 | 42 | $1.3B | PLD, EQIX, WELL, SPG, PSA |
| Q1 2024 | 43 | $1.5B | PLD, EQIX, WELL, SPG, PSA |